MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (432)	8/6/1999 5:35:00 PM
From: pater tenebrarum	Read Replies (4) of 19219

J.T., the breakdown in financials and transports and the expansion of new lows (217 today) speak volumes. today, money has been shunted into the semis, but soon there will be no place left to hide. the new circuit breakers on the NYSE may soon face their first test... complacency is still evident, it's as though it didn't matter that bond yields are back at 6,15% judging from the dipsters' impatience. note that GS and MWD issued pump-and-dump upgrades on YHOO and AOL today to allow the rats to leave the sinking ship. perhaps the market will try to make a stand with the SPX at it's 200-dma, but imagine the point of view of overseas investors: they have already seen the value of their holdings dwindle precariously due to the plunge in the dollar. they may decide it's not worth waiting for the 200-dma to hold - they have time to mull this over this weekend. on monday we may well see a situation where after an uneventful european session with slightly lower prices a flood of sell orders from european accounts hits wall street early in the morning. buyers in the meantime may be reluctant to put in bids, waiting whether the 200-dma holds or not. the imbalance forces MM's to adjust the bid/ask spreads accordingly, and suddenly a decisive break of support levels occurs. by then, about half an hour into the trading day, panic grips the market and bids disappear altogether... of this stuff crashes are made - you are right to put out an alert. regards, hb

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